The four horsemen of Arrium's near apocalypse

The botched bid for Arrium by South Korea's Posco highlights how Australia's institutions have become too blinkered. Investors should wake up before we lose key companies to foreign raids.

The Arrium/OneSteel affair has underlined basic weaknesses in our markets. We have seen those weaknesses exploited before but no raid has been more brazen than the attempt by one of the world’s largest steel makers, South Korea’s Posco, and partners to control more of its iron ore supplies and buy a key Australian company on a 2013-14 price earnings ratio of around four or five.

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